Minto的押金退回来了吗？

If you default on the purchase of a property then the seller will almost certainly forfeit the deposit and in all likelihood will be entitled to keep the same, unless there are special or exceptional circumstances. Even if the seller can sell the property elsewhere for more than the original price (which is most unlikely these days), this will not entitle the buyer to the return of the deposit.

Rules on Mortgage default, either foreclosure or power of sale, depends on different province. But this is a difference case from mortgage default. In the purchase agreement there should be a section about how the deposit will be treated after buyer default. Now the question is, who is the default party. Bdw was willing to close with petition, minto denied bdw request and put the house back on market.

We wouldn't have been talking about this case if Minto would return BDW's deposit after selling the house to another buyer.

Deposit, by definition, is to demonstrate the buyer's good faith to fulfil his promise to buy the subject property. In home purchase agreement, if the buyer is the default party, deposit will be forfeited by the seller (builder) as the remedy of liquidation demage the seller suffered. Even if the seller manages to sell the property at a higher price, i.e., the seller actually benefits from the buyer's default, the buyer may still not get his deposit back. There are plenty of such legal cases in Canada that can be searched. However, if the sales price is lower, then the seller may seek further remedy from the buyer in the court.

We wouldn't have been talking about this case if Minto would return BDW's deposit after selling the house to another buyer.

Deposit, by definition, is to demonstrate the buyer's good faith to fulfil his promise to buy the subject property. In home purchase agreement, if the buyer is the default party, deposit will be forfeited by the seller (builder) as the remedy of liquidation demage the seller suffered. Even if the seller manages to sell the property at a higher price, i.e., the seller actually benefits from the buyer's default, the buyer may still not get his deposit back. There are plenty of such legal cases in Canada that can be searched. However, if the sales price is lower, then the seller may seek further remedy from the buyer in the court.

there was a case in BC, a condo buyer buying a condo for $1.5m, put down good size of deposit to builder. then the condo price dropped before the condo is built, the buyer gave up on the deposit and didn't close the deal. builder sold that condo for $1.2m then turned around to sue the previous buyer for $300k damage. not sure what the final result is.

there was a case in BC, a condo buyer buying a condo for $1.5m, put down good size of deposit to builder. then the condo price dropped before the condo is built, the buyer gave up on the deposit and didn't close the deal. builder sold that condo for $1.2m then turned around to sue the previous buyer for $300k damage. not sure what the final result is.

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In the BC case, the buyer is an obvious default party. In BDW's case, I believe M is a default party because M failed to honor the purchase agreement.

We wouldn't have been talking about this case if Minto would return BDW's deposit after selling the house to another buyer.

Deposit, by definition, is to demonstrate the buyer's good faith to fulfil his promise to buy the subject property. In home purchase agreement, if the buyer is the default party, deposit will be forfeited by the seller (builder) as the remedy of liquidation demage the seller suffered. Even if the seller manages to sell the property at a higher price, i.e., the seller actually benefits from the buyer's default, the buyer may still not get his deposit back. There are plenty of such legal cases in Canada that can be searched. However, if the sales price is lower, then the seller may seek further remedy from the buyer in the court.

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However, the amount of security, with this definition, must be reasonable. For example, 5k or 10K will be regarded as reasonable. This is the amount that the sellers usually will request at resell market. Minto will hardly build the case that the whole amount (60k) is for security purpose. They obviously used partial of the 60K as "prepaid" amount to fund their construction cost. By saying that, Minto most likely will refund at least partial of the 60K to the buyer even she is default, provided there is no other lost.